Digital Tenge

Link to announcement: web.archive.org

Link to announcement: www.linkedin.com

Pilot → Launched

Link to announcement: nationalbank.kz

Link to announcement: primeminister.kz

Link to announcement: www.linkedin.com

Link to announcement: www.linkedin.com

Link to announcement: www.linkedin.com

Link to announcement: npck.kz

Link to announcement: www.linkedin.com

Link to announcement: www.linkedin.com

Link to announcement: nationalbank.kz

Link to announcement: www.finextra.com

Link to whitepaper: nationalbank.kz

Proof of concept → Pilot

Retail/Wholesale: Retail, Wholesale → Retail

Link to announcement: nationalbank.kz

Link to announcement: www.linkedin.com

Retail/Wholesale: Retail → Retail, Wholesale

Link to whitepaper: nationalbank.kz

Link to whitepaper: drive.google.com

Link to announcement: www.binance.com

Technology Provider: R3 Corda → R3 Corda, Binance

Main motivation/goals of the CBDC: The NBK launched a CBDC pilot which included the participation of local merchants and consumers. Binance CEO Zhao said he looks forward to the bank further developing use cases to “bridge the gap between traditional banking and the crypto ecosystem.” This development is one of many in the network’s effort to push crypto adoption, particularly in Kazakhstan. → National Bank of Kazakhstan perceives a multitude of possibilities arising from the harmonization of conventional and decentralized finance, as well as the interplay between regulators and the market. It aims to foster a sound and equitable regulatory atmosphere for digital assets and cryptocurrencies that guarantees their innovative capacity while safeguarding consumer rights and maintaining macro-financial stability, as the main objectives of the Digital Tenge project is to test the concept’s feasibility through experimental confirmation of the retail platform’s technological viability based on distributed ledger technology, as well as to determine the main parameters of the CBDC Model for Kazakhstan in cooperation with all stakeholders.

Link to announcement: www.linkedin.com

Structure: Token → Token

DLT / non-DLT: DLT → DLT

Link to announcement: nationalbank.kz

Structure: Token → Token

Main motivation/goals of the CBDC: The key reasons for issuing a digital currency are still to be determined. Currently, two reasons are financial inclusion as well as accelerate the innovation in the industry. → The main objectives of the project is to test the Digital Tenge concept’s feasibility through experimental confirmation of the retail platform’s technological viability based on distributed ledger technology, as well as to determine the main parameters of the CBDC Model for Kazakhstan in cooperation with all stakeholders.

Link to announcement: nationalbank.kz

Main motivation/goals of the CBDC: The main objectives of the project is to test the Digital Tenge concept’s feasibility through experimental confirmation of the retail platform’s technological viability based on distributed ledger technology, as well as to determine the main parameters of the CBDC Model for Kazakhstan in cooperation with all stakeholders. → The NBK launched a CBDC pilot which included the participation of local merchants and consumers. Binance CEO Zhao said he looks forward to the bank further developing use cases to “bridge the gap between traditional banking and the crypto ecosystem.” This development is one of many in the network’s effort to push crypto adoption, particularly in Kazakhstan.

Link to announcement: cointelegraph.com

Link to announcement: astanatimes.com

Research → Proof of concept

Description: In May 2020, Mu Xin, a senior Kazakh government adviser, proposed the introduction of blockchain technology and the digital tenge. This would aim to combat corruption and ensure transparency in the allocation of state budget funds. In June, Kazakhstan adopted a development outline for blockchain and digital technology. At present, the Central Bank of Kazakhstan is demonstrating the feasibility of introducing the CBDC tenge. → May: Public Consultation Report released May: December: a series of dedicated meetings and discussions held with market participants, expert community, public authorities as well as international partners June: launch of a pilot project to assess technical feasibility of Digital Tenge, within which a prototype platform was implemented and a number of scenarios with connection of external participants that involved second-tier banks were examined September: polls and interviews with market participants to specify the priorities and needs in development of new payment instruments November: preliminary results of the pilot project were presented within the IX Congress of Kazakhstan Financiers December: preparation of the report on pilot project results

Link to announcement: nationalbank.kznationalbank.kz

Structure: Account → Token

Technology Provider: Waves → R3 Corda

Main motivation/goals of the CBDC: Part of a government strategy to become a center for the global block reward mining sector. → The key reasons for issuing a digital currency are still to be determined. Currently, two reasons are financial inclusion as well as accelerate the innovation in the industry.

Link to announcement: nationalbank.kz

None → Research

Announcement Year: 2020

Retail/Wholesale: Retail

Structure: Account

Technology Provider: Waves

Description: In May 2020, Mu Xin, a senior Kazakh government adviser, proposed the introduction of blockchain technology and the digital tenge. This would aim to combat corruption and ensure transparency in the allocation of state budget funds. In June, Kazakhstan adopted a development outline for blockchain and digital technology. At present, the Central Bank of Kazakhstan is demonstrating the feasibility of introducing the CBDC tenge.

DLT / non-DLT: DLT

Main motivation/goals of the CBDC: Part of a government strategy to become a center for the global block reward mining sector.

Link to announcement: asiatimes.comnationalbank.kz

Country / Region: Kazakhstan

Central Bank(s): National Bank of Kazakhstan